Studio Movie Grill Holdings (SMG), the theater chain where film-goers can order Sriracha chicken sliders and a Cruzan mango mojito right in the middle of the latest blockbuster, filed for bankruptcy on Friday after the Covid-19 pandemic kept audiences away, Bloomberg News reported. “We plan to use this filing to strengthen our business by reducing liabilities and reposition SMG to emerge a stronger organization built for the future as we recover from the unparalleled impact of COVID-19,” Chairman Brian Schultz said in a letter on the company’s website. The outbreak forced SMG to temporarily close all its locations earlier this year. About a third of the company’s 33 theaters are still closed, according to its website; the rest are open for business as usual, it said. Secured lenders to the Dallas-based company agreed to provide a new loan to support its restructuring, according to the letter. Studio Movie Grill has assets between $50 million and $100 million and liabilities between $100 million and $500 million, according to its chapter 11 petition.
